Sidechains - Crypto Academy / S4W8 - Homework post for pelon53.
Welcome all esteem steemit, to our wonderful opportunity to learn once again
1.- Explain in detail the Sidechains with the use of ZK-Rollups.
We have known that the initial blockchains had issues relating to their speed and scalability. This caused a big problem in the crypto industry, people were not believing in the whole blockchain thing anymore.
In recent years, there have been many innovations in respect to blockchain development, this has led to the bringing out of many projects that will help improve the blockchain work effectively. Due to many innovative ideas, this has led to the development of a wonderful platform called the Sidechain
Sidechain is like an entirely separate blockchain, which is connected to a different blockchain by a two-way peg in which some data are processed that are in the main blockchain. It helps to reduce the load of the Blockchain, normally as I said before that the blockchain had some serious bad issues that were affecting their total performance. The sidechain is just like an attachment to the blockchain or you can even call it an extension of the blockchain. They help solve the blockchain’s problem of scalability, speed, and being effective. Sidechain takes most work that the blockchain is supposed to do and does them more effectively. Another amazing thing is that the sidechain has its security. Sidechain has many wonderful features that make them independent like they need their validators. They have their consensus mechanism, they select if they want to use proof of work or proof of stake.
But in today's class, we want to look at how sidechain works with the use of ZK-rollups. ZK rollups came to assist the sidechain, achieve an upgrade in it being very highly scalable. With the ZK rollups, you can achieve much transfer of cryptocurrency from one blockchain to another in just a single transaction. The ZK-rollups which in full is the Zero-Knowledge rollups use the smart contract which helps to verify and deconstruct all the transfers that are in one transaction. It enhances the performance of the sidechain by reducing the computing and storage items for checking the block and the amount of data that is being sent is also drastically reduced.
How the ZK rollups works
The ZK rollups are made up of two types of users: The transactors and the relayer.
The transactor normally makes their transfer and broadcast the transfer they have done to the network. The Data of the transfer is made up of indexed, which are the “to” and the “from” address, (That means from the transfer is coming from and where it is going to), transaction value, the network fee, and nonce. The transaction value must be greater than or less than zero which creates a deposit or withdrawal consecutively. Merkle is used to recording the data in the smart contract.
The relayer normally creates roll-up by collecting a large amount of transfer. The Relayers generate the SNARK proof. SNARK proof is like a hash that is used for the identification
the importance of using the ZK rollups is that the fee per user transfer is drastically reduced, they also have scalability ability, they are very fast, and many more. But here are some challenges that they are facing currently, hacking can easily occur when there are doing large transactions at the same time, the security might have issues due to unverifiable trust and it was initially set up for a Centralized system.
2.- Explain the Liquid Network side chain
The Liquid network Sidechain was launched by Blockstream on the 27TH of September 2018. It was the greatest competition with the lighting network. The Liquid Network is a sidechain that can link exchange settlement networks and they also link several cryptocurrency exchanges together and it also improves the speed of Bitcoin transactions and it also provides issuance of digital assets. The liquid network is an open-source sidechain.
Some of the wonderful features that Liquid Network provides includes
- It is very fast for transactions, for example, when you move bitcoin into the liquid sidechain, it can reach its final settlement within 2 minutes
- Your Token is secured highly. The liquid network can issue a new token it is the user who can represent your fiat or securities.
How DOES LIQUID NETWORK WORKS?
It is a federated sidechain that reduces Bitcoin congestion issues, such issues include the slowness in transactions and high fee cost. The Liquid Network sidechain is pegged in two ways to the Bitcoin sidechain. Each peg serves two roles on the network, one as a block singer and the other as a watchman.
BLOCKSINGER
This ensures the generation of blocks every minute, this is done very consistently more than the bitcoin. The job of the block singer is to keep proper track of the block height which have been signed even with its parent, and they also organize the block by refusing to sign some block that might lead to the scattering of more blocks. If a block is formed, the parent block will not be removed from the longest chain, this is the reason why liquid network transactions can be trusted once they receive two confirm alerts. This is done in less than 2 to 3 minutes.
Watchman
The Watchman serves as a security and it does its security role in two ways. When Funds are moved from the bitcoin to a liquid network is known as the Peg-in. In Peg-in 102 confirmation is needed on the bitcoin network before the transaction can be properly confirmed on the liquid network. This watchman provides high security that ensures the protection of all participant's funds. When the funds move from the liquid network back to the bitcoin blockchain, this is known as Peg-out. Watchmen process the transactions in batches.
Some importance of the liquid network includes: it achieves its transactions at a very high speed and with accuracy, it ensures high decentralization level, you can make the transaction between exchanges and wallet and so many other importance.
Some challenges being faced by Liquid network include: the security level is not as trusted as its parent blockchain, the reward of the bitcoin miners are being reduced when a large volume of bitcoin is being transferred from the parent blockchain
3.- Describe the steps to connect the Metamask wallet and the Polygon network wallet. Show screenshots.
These are steps for you to connect the Meta mask to the polygon. I already had the metamask installed in my system,
- I activated it by connecting it to the current server, and if you look properly, you will find out that it was on TELOS
- I click on the dropped down arrow that has a Testnet on it and I selected Custom RPC
- It opened a new window for me, asking me to fill in the following information which was below
I got the information for metamask online
Network Name: Polygon Mainnet
New RPC URL: https://rpc-mainnet.maticvigil.com/
Chanel: 137
Symbol: MATIC
Block Explorer URL: https://explorer.matic.network/
Metamask - I inserted all the required information and selected save
- And immediately I was connected to the Polygon manniet.
- I entered their website with this link (https://polygonscan.com/)
- Then I typed the Block 25,000,000 at the search bar,
- Scroll down the page a little and you will see when the block will be generated
- I entered the website that is above, and searched for Block 12,000,000
- The result came out immediately as
- The Matric price of Block 12,000,000 is $0.38/Matic
4.- According to the polygons can block explorer, when will block 25,000,000 be generated? Show screenshot. Explore block 12,000,000, at that time What was the price of the Matic? Show screenshots.
How to explore block 25,000,000
From the image, above the block 25,000,000will be made in the next 114 days,10 Hours, 29Mins, 03 secs which the estimated date is on Saturday, February 19, 2022, 22:55:40 GMT +0100 (West Africa Standard Time)
The current block while I am writing this article is #20701140 and the Remaining Block is #4298860.
How to explore block 12,000,000
For the time the block was generated was 228 days 1 hour ago (Mar-14 -2021 09:35:48 AM +UTC) 14 Transactions and 0 Contract and other information can be seen from the screenshot
In conclusion, I have known about my sidechains are, knowing that they came to correctt the setbacks offered by the blockchain, I also appreciate the crypto world daily for their continuous innovation that has led to the delivery of ZK-rollups and the liquid Network sidechain, this both side has heelped to increase the scalability of the blockchain and it has enabled user use the crypto to suit their taste.
Cc: @pelon53
#club5050 😀